Oriental : Quarterly Report for Q1FY24

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

FINANCIAL REPORT

31 MARCH 2024

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

31 MARCH 2024

	Page No.
Condensed Consolidated Statement of Financial Position	1
Condensed Consolidated Statement of Comprehensive Income	2 - 3
Condensed Consolidated Statement of Changes in Equity	4
Condensed Consolidated Statement of Cash Flows	5 - 6
Notes to the Interim Financial Report	7 - 18

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

	As at End of		As at Preceding
	Current Quarter		Financial Year End
	31 Mar 2024		31 Dec 2023
	RM'000		RM'000	Changes
	(Unaudited)		(Audited)	%
Assets
Property, plant and equipment	2,546,046	2,136,537	19.2
Right-of-use assets	732,155	735,669	-0.5
Investment properties	1,086,659	1,078,701	0.7
Intangible assets	22,579	22,806	-1.0
Investments in associates	644,733	640,048	0.7
Other investments	435,102	510,179	-14.7
Deferred tax assets	136,915	136,953	0.0
Inventories	35,894	35,893	0.0
Other receivables	30,080		30,641	-1.8
Total non-current assets	5,670,163		5,327,427	6.4
Inventories	317,247	275,678	15.1
Biological assets	11,944	11,944	0.0
Trade and other receivables	929,652	550,932	68.7
Deferred tax assets	-	46,590	-100.0
Current tax assets	34,414	38,594	-10.8
Other investments	1,527,972	2,723,329	-43.9
Cash and cash equivalents	4,337,418	2,651,509	63.6
Assets classified as held for sale	-		31,034	-100.0
Total current assets	7,158,647		6,329,610	13.1
Total assets	12,828,810	11,657,037	10.1
Equity
Share capital	620,462	620,462	0.0
Reserves	1,619,307	1,695,078	-4.5
Retained earnings	5,586,820	5,267,344	6.1
Treasury stocks	(249)		(249)	0.0
Total equity attributable to stockholders of the Company	7,826,340	7,582,635	3.2
Non-controlling interests	535,765		527,699	1.5
Total equity	8,362,105	8,110,334	3.1
Liabilities
Borrowings	1,251,317	917,583	36.4
Lease liabilities	18,232	19,873	-8.3
Contract liabilities	49,269	39,570	24.5
Retirement benefits	31,487	31,183	1.0
Deferred tax liabilities	159,868		158,223	1.0
Total non-current liabilities	1,510,173		1,166,432	29.5
Borrowings	1,993,581	1,818,326	9.6
Lease liabilities	5,641	5,087	10.9
Current tax liabilities	137,720	126,895	8.5
Trade and other payables	817,444	416,854	96.1
Contract liabilities	2,146		13,109	-83.6
Total current liabilities	2,956,532		2,380,271	24.2
Total liabilities	4,466,705	3,546,703	25.9
Total equity and liabilities	12,828,810		11,657,037	10.1
Net assets per stock (sen)	1261.51	1222.23	3.2

The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.

1

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2024

Individual Quarter		Cumulative Quarters
Current	Preceding		Current Year	Preceding Year
Year	Year		To Date	To Date
Quarter	Quarter		(One quarter	(One quarter
31 Mar 2024	31 Mar 2023		to 31 Mar 2024)	to 31 Mar 2023)
RM'000	RM'000	Changes	RM'000	RM'000	Changes
(Unaudited)	(Unaudited)	%	(Unaudited)	(Unaudited)	%

Revenue

Results from operating activities

Finance costs

Share of profits after tax of equity accounted associates

Profit before taxation

Tax expense

Profit from continuing operations

Other comprehensive income/ (expense), net of tax

Foreign currency translation differences for foreign operations :

- (loss)/ gain during the period

Foreign currency translation differences realised on liquidation of a subsidiary

Fair value (loss)/ gain of equity instruments designated at fair value through other comprehensive income

Other comprehensive (expense)/ income for the period, net of tax

Total comprehensive income for the period

Profit attributable to:

1,189,327

427,555

(18,256)

4,122

413,421

(85,499)

327,922

(12,132)

-

(63,749)

(75,881)

252,041

964,409

144,366

(10,093)

18,402

152,675

(21,206)

131,469

84,499

2,409

1,374

88,282

219,751

23.3

196.2

80.9

(77.6)

170.8

303.2

149.4

(114.4)

(100.0)

(4,739.7)

(186.0)

14.7

1,189,327

427,555

(18,256)

4,122

413,421

(85,499)

327,922

(12,132)

-

(63,749)

(75,881)

252,041

964,409

144,366

(10,093)

18,402

152,675

(21,206)

131,469

84,499

2,409

1,374

88,282

219,751

23.3

196.2

80.9

(77.6)

170.8

303.2

149.4

(114.4)

(100.0)

(4,739.7)

(186.0)

14.7

Stockholders of the Company	319,476	94,236	239.0	319,476	94,236	239.0
Non-controlling interests	8,446	37,233	(77.3)	8,446	37,233	(77.3)
Profit for the period	327,922	131,469	149.4	327,922	131,469	149.4
Total comprehensive income attributable to:
Stockholders of the Company	243,705	157,248	55.0	243,705	157,248	55.0
Non-controlling interests	8,336	62,503	(86.7)	8,336	62,503	(86.7)
Total comprehensive income for the period	252,041		219,751	14.7	252,041		219,751	14.7
Weighted average number of stocks in issue ('000)	620,362	620,362		620,362	620,362
Basic earnings per stock (sen)
(based on the weighted average number of stocks)	51.50	15.19	239.0	51.50	15.19	239.0

The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.

2

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MARCH 2024

Individual Quarter	Cumulative Quarters
Current	Preceding	Current Year	Preceding Year
Year	Year	To Date	To Date
Quarter	Quarter	(One quarter	(One quarter
31 Mar 2024	31 Mar 2023	to 31 Mar 2024)	to 31 Mar 2023)
RM'000	RM'000	RM'000	RM'000
(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Included in the Total Comprehensive Expense/Income for the period are the followings :

Interest income	(43,806)	(35,484)	(43,806)	(35,484)
Other income including investment income	(460)	(695)	(460)	(695)
Interest expense	18,256	10,093	18,256	10,093
Depreciation and amortisation	59,264	37,830	59,264	37,830
Bad debts written off	248	15	248	15
(Reversal of write down)/ Write down of inventories	(3,241)	511	(3,241)	511
Property, plant and equipment write off	24	2,310	24	2,310
(Gain)/ Loss on disposal of investments	(91)	181	(91)	181
Gain on liquidation of a subsidiary	-	(3,097)	-	(3,097)
Gain on disposal of property, plant and equipment	(335)	(2,710)	(335)	(2,710)
Gain on disposal of assets classified as held for sale	(209,848)	-	(209,848)	-
Provision of impairment loss on assets	-	1,248	-	1,248
Unrealised foreign exchange (gain)/ loss	(35,682)	(25,533)	(35,682)	(25,533)
Realised foreign exchange (gain)/ loss	(8,273)	534	(8,273)	534

The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.

3

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2024

		Attributable to stockholders of the Company
		Non-distributable		Distributable
	Share	Translation	Fair value	Treasury	Retained	Capital		Non-controlling	Total
	capital	reserve	reserve	stocks	earnings	reserve	Total	interests	equity
In thousands of RM
At 1 January 2023	620,462	1,021,261	213,313	(249)	5,062,305	40,248	6,957,340	1,050,197	8,007,537
Foreign currency translation differences for foreign operations	-	59,945	-	-	-	-	59,945	24,554	84,499
Fair value of financial assets	-	-	658	-	-	-	658	716	1,374
Foreign currency translation differences realised on liquidation of a
subsidiary	-	2,409	-	-	-	-	2,409	-	2,409
Total other comprehensive income for the period	-	62,354	658	-	-	-	63,012	25,270	88,282
Profit for the period	-	-	-	-	94,236	-	94,236	37,233	131,469
Total comprehensive income for the period	-	62,354	658	-	94,236	-	157,248	62,503	219,751
Liquidation of a subsidiary	-	-	-	-	-	-	-	(5,510)	(5,510)
Total transactions with owners	-	-	-	-	-	-	-	(5,510)	(5,510)
At 31 March 2023	620,462	1,083,615	213,971	(249)	5,156,541	40,248	7,114,588	1,107,190	8,221,778
In thousands of RM
At 1 January 2024	620,462	1,268,408	386,422	(249)	5,267,344	40,248	7,582,635	527,699	8,110,334
Foreign currency translation differences for foreign operations	-	(12,022)	-	-	-	-	(12,022)	(110)	(12,132)
Fair value of financial assets	-	-	(63,749)	-	-	-	(63,749)	-	(63,749)
Total other comprehensive expense for the period	-	(12,022)	(63,749)	-	-	-	(75,771)	(110)	(75,881)
Profit for the period	-	-	-	-	319,476	-	319,476	8,446	327,922
Total comprehensive income for the period	-	(12,022)	(63,749)	-	319,476	-	243,705	8,336	252,041
Acquisition of non-controlling interest in a subsidiary	-	-	-	-	-	-	-	(270)	(270)
Total transactions with owners	-	-	-	-	-	-	-	(270)	(270)
At 31 March 2024	620,462	1,256,386	322,673	(249)	5,586,820	40,248	7,826,340	535,765	8,362,105

The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.

4

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2024

Current Year	Preceding Year
To Date	To Date
(One quarter	(One quarter
to 31 Mar 2024)	to 31 Mar 2023)
RM'000	RM'000
(Unaudited)	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

Adjustments for:

Non-cash items

Non-operating items

Operating profit before working capital changes

Changes in working capital

Cash flows from operating activities

Dividend received, net

Tax paid

Payment of retirement benefits

Net cash flows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure

Proceeds from disposal of assets classified as held for sale Purchase of investments

Proceeds from disposal of investments Interest received

Net cash outflow on liquidation of a subsidiary Decrease in short term investments, net

Net cash flows from investing activities

413,421

65,477

(240,540)

238,358

(19,892)

218,466

420

(22,679)

(469)

195,738

(504,154)

240,318

(315,588)

282,112

48,635

-

1,242,856

994,179

152,675

10,691

(50,114)

113,252

(60,904)

52,348

537

(26,158)

(124)

26,603

(55,138)

-

(67,514)

16,209

33,419

(15)

303,628

230,589

5

CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd)

CASH FLOWS FROM FINANCING ACTIVITIES

Bank borrowings (net)

Lease liabilities (net)

Fixed deposits pledged for banking facilities

Interest paid

Net cash flows from/ (used in) financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at 1 January

Effects of exchange rates on cash and cash equivalents

Cash and cash equivalents at 31 March (Note 1)

NOTE

1 Cash and cash equivalents consist of: - Cash and bank balances

Fixed deposits

Unit trust money market funds

Less:

Deposits pledged

Current Year	Current Year
To Date	To Date
(One quarter	(One quarter
to 31 Mar 2024)	to 31 Mar 2023)
RM'000	RM'000
(Unaudited)	(Unaudited)

	519,468		(101,217)
	(7,286)		(1,416)
	(45,041)		(29,284)
	(20,593)		(13,943)
446,548	(145,860)
1,636,465	111,332
1,872,866	2,514,868
4,403	100,514
	3,513,734		2,726,714

RM'000RM'000

828,822693,784

3,133,3142,539,049

375,282108,940

4,337,4183,341,773

(823,684)(615,059)

3,513,7342,726,714

The selected explanatory notes form an integral part of, and, should be read in conjunction with, this interim financial report.

6

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

SELECTED EXPLANATORY NOTES

TO THE INTERIM FINANCIAL REPORT

31 MARCH 2024 (Cont'd)

1. Basis of Preparation

The interim financial report is unaudited and has been prepared in compliance with MFRS 134, Interim Financial Reporting and the additional disclosure requirements as in Part A of Appendix 9B of the Revised Listing Requirements.

The interim financial report should be read in conjunction with the most recent annual audited financial statements of the Group for the year ended 31 December 2023. These explanatory notes provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the year ended 31 December 2023.

The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with the most recent annual audited financial statements for the year ended 31 December 2023.

The adoption of the following amendments and annual improvements to existing accounting standards that came into effect on or after 1 January 2024 which are applicable to the Group, did not have any significant financial impact on the condensed consolidated interim financial statements upon their initial application.

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2024

• Amendments to MFRS 16, Leases - Lease Liability in a Sale and Leaseback
• Amendments to MFRS 101, Presentation of Financial Statements - Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current
• Amendments to MFRS 107, Statement of Cash Flows and MFRS 7, Financial Instruments: Disclosures - Supplier Finance Arrangements

MFRSs, Amendments to MFRSs and IC Interpretations issued but not yet effective:

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2025

• Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability

MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed

• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The Group will adopt the above pronouncements when they become effective in the respective financial periods. These pronouncements are not expected to have a material impact on the financial statements of the Group upon their initial recognition.

7

ORIENTAL HOLDINGS BERHAD

(Registration No. 196301000446 (5286-U))

(Incorporated in Malaysia)

SELECTED EXPLANATORY NOTES

TO THE INTERIM FINANCIAL REPORT

31 MARCH 2024 (Cont'd)

1. Auditors' Qualification
   There's no qualification on the audit report of the preceding annual financial statements of Oriental Holdings Berhad.
2. Seasonal Cyclical Factors
   Majority of the business operations of the Group are generally in tandem with the prevailing economic conditions where the Group operates with the exception of a few sectors. Commodity price is the most significant determinant of the level of profitability for the plantation sector although seasonal factor such as climatic condition also plays a part in determining the production level.
3. Exceptional Items
   There were no material exceptional items for the period under review.
4. Changes in Estimates
   There were no material changes in estimates of amounts reported in prior financial period.
5. Debt and Equity Securities
   There were no issuance and repayment of debt and equity stocks, stock buy-backs, stock cancellations, stocks held as treasury stocks and resale of treasury stocks for the current financial period to date.
6. Dividends Paid
   Since the end of the previous financial year, there was no dividend paid during the current quarter.

8